Tunisian Partner TMS attempting to profiteer on the back of Celamin and its shareholders
Celamin alleges its Tunisian partner Tunisian Mining Services (TMS - Principal Taoufik Mansouri) has committed the following against Celamin:
- Theft of 51% of the Chaketma Phosphate Project Joint Venture Company
- Misuse of US$1.7m in loan funds
- Non-payment of A$0.16m debt
Celamin is pursuing and planning a number of legal actions in relation to the share theft and debt recovery, and is concerned about the broader impact on Tunisia if the dispute is not quickly resolved.
Having been involved in Tunisia since 2009, phosphate developer Celamin Holdings NL now finds itself placed in a challenging situation by its locally-based partner TMS, whose actions, and delays in remedying the situation through the legal system, are likely to impact negatively on international perceptions of doing business in Tunisia.